Business 2 August 2018Gerald Fenech
Crypto market daily report – August 2, 2018
The cryptocurrency market was in slightly static mode on Thursday morning with not much movement in the Top 10, although there were some positive movements overall. BTC appeared to have recovered from its slump where it had even gone below the $7,500 level at one point on Wednesday evening.
The first anniversary for Bitcoin Cash (BCH) passed with not much movement in price, although it was one of the few Top 10 currencies to show a slight improvement over a 24-hour period. BCH was up by 1% to trade at the $765 level on Binance after it had dropped to below the $740 level on Wednesday. Ripple was another Top 10 currency that showed a slight improvement on Thursday, having registered a 4% increase over a 24-hour period to trade at the $0.45 level mark at press time.
Ethereum continued showing sluggish movement overall with the price hovering around the $420 level or a 4% decline overall. The recent statements and pronouncements by Vitalik Buterin didn’t have a positive effect on the cryptocurrency which is now dangerously close to slipping below the $400 level—an important psychological barrier for the crypto coin. Litecoin was also talked up of late with some commentators indicating that it was under-priced at the $77 level, but this also did not have much positive effect on the price which continued to hover around that level on Thursday at press time.
EOS continued declining and was trading at the $7.20 level on Thursday, whilst currencies with smaller market caps also saw some retracement to add to Wednesday’s losses. Stellar was another currency which showed a slight increase of 5% to the $0.28 level; whilst Ethereum Classic went the other way and suffered a 3% loss to the $15.50 level. NEO was static at the $29 level, whilst VET continued declining albeit at a slower pace than in recent days with a 2% decline to the 0.199 level. Ontology was also in positive territory by around 3% to the $2.60 level, whilst other currencies such as IOTA and ICX remained relatively stable with an increase of 2% and a decrease of 1% respectively.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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